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6 ACTINFO Final Exam Answers and Solutions
6 ACTINFO Final Exam Answers and Solutions
General Instructions:
1. Use Excel
2. Forward your answers to my email: bernieniduaza@yahoo.com
Instruction: Journalize the following transaction, using the format below (provide space for every transaction):
Transactions:
April 1 Bernie Bird opened Bernie Bird Tour & Travel. He invested P50,000 and two cars worth P750,000.
3 Bird borrowed P100,000 cash from BDO for use in the business.
7 Bought tables and chairs from SM and paid cash P45,000.
15 Various equipment were purchased on account from National Winners for P55,000.
18 Bird made cash withdrawal ofP5,000 for personal use.
20 The account due to National Winner was paid in cash.
21 A tourist hired the services of Tour & Travel for a tour in Baguio. Cash of P15,000 was received from
the tourist.
22 Cash was paid for the following: gas and oil, P500 and repair of car, P1,000.
24 Larry Bird hired the services of Tour & Travel for his visitors and promise to pay P16,000 on April 30.
25 Paid telephone bill for P500.
27 PCC Student Council hired the services of Tour & Travel for a tour in Tagaytay. A bill was issued to
them for P20,000, 50% of which was collected.
30 Larry Bird paid one half of his account in cash.
Paid for rental of office space, P10,000 and salaries of employees and workers, P9,000.
General Journal”
3 Cash 100,000
Loans payable 100,000
To record borrowing from BDO.
7 Furniture 45,000
Cash 45,000
To record purchase of tables and chairs.
15 Equipment 55,000
Accounts payable 55,000
To record purchase of equipment on account.
21 Cash 15,000
Service Income 15,000
To record services rendered.
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24 Accounts receivable 16,000
Service income 16,000
To record services rendered.
27 Cash 10,000
Accounts receivable 10,000
Service income 20,000
To record services rendered with terms: one half paid in cash and
the other half on account.
30 Cash 8,000
Accounts receivable 8,000
To record of Larry Bird’s have oh his account.
Instruction: Post the above journal entries, using the T-account, as shown below:
Cash
1 50,000 7 45,000
3 100,000 18 5,000
21 15,000 20 55,000
30 8,000
27 10,000 22 1,500
30 8,000 25 500
30 19,000
183,000 126,000
Bal 57,000
183,000 183,000
Accounts Receivable
24 16,000 30 8,000
27 10,000
26,000 8,000
Bal 18,000
26,000 26,000
Cars
1 750,000
Equipment
15 55,000
Furniture
7 45,000
Loans Payable
3 100,000
Accounts Payable
20 55,000 15 55,000
Bird, Capital
1 800,000
Bird, Drawing
18 5,000
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Service Income
21 15,000
24 16,000
27 20,000
51,000
Repair Expense
22 1,000
Utilities Expense
25 500
Rent Expense
30 10,000
Salaries Expense
30 9,000
Insruction: Prepare an Unadjused Trial Balance, using the format as shown below:
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